They are struggling to fight against the underground market of gambling and just like the saying "If you can't beat them, join them."
That's their final choice of regulating and legalizing gambling, just imagine the population of India is one of the biggest and what if big portion of it are gambling.
Tax profits aren't going to the government, Indian gamblers doesn't need to hide anymore.
Yes, as I already mentioned, Cricket betting industry is already a billion dollar industry in India. Cricket is considered even popular than religion here. All these betting money is not going to government and they are unable to make revenue out of it. Legalizing it will have a long lasting positive effect on the economy. Also it will boost the alternate employment market in India. The way Macau and Australia successfully ventured in to gambling market and made it successful for the local government, India will be able to do the same if it is legalized finally. |
|
|
|
People who are cheering to this news are not understanding one fact that, cryptos are not meant to be regulated this way. We are deviating from the main goal of cryptocurrency here. I have mixed reaction on this news. Lets look at the pros and cons of this incident. Pros: 1. Increased investment and adoption rate 2. Better security and probably insurance cover against hacking 3. Higher licensing fees and stringent approval process means no random individual can run exchange business thus leading to better operational integrity. Cons: 1. Governments are slowly increasing their controls over crypto market 2. Exchanges will be bound to report every transaction to the government agencies 3. No mention about international userbase 4. Stricter KYC norms to be followed 5. One step towards centralization I really can't reach to a conclusion on whether it's good or bad for the crypto market. |
|
|
|
Switzerland hopes to become a true reference in the crypto-currencies sector and wants to become an indispensable hub for investors. It is for this reason that the authorities are currently working on implementing a regulation favourable to virtual currencies.
Switzerland is in favour of crypto-currencies and it intends to make it known to anyone who wants to hear it. In order to become a leader in the field, the country focuses on the future of digital currencies.
So much so that the federal government has just commissioned a study on the issues and relevance of the e-franc implementation.
This would be a state crypto-currency, of course supported by BlockChain technology.
Going forward please always post the link of the main article from where you got the news. It will work as a reference to the fellow members of the community and also increase the credibility of your post. However, since you didn't do that, let me do it on your behalf, News source 1: https://www.reuters.com/article/swiss-efranc/switzerland-seeks-study-of-state-backed-e-franc-cryptocurrency-idUSL5N1SO3BUNews source 2: https://www.ccn.com/switzerland-government-calls-for-study-on-state-cryptocurrency-e-franc/The matter is at a very nascent stage and nothing has been confirmed yet. The lower house of parliament has asked for a detailed study on it and based on that study, decision will be made. Also the crypto market will not be benefited even if Switzerland finally decides to launch it because it will just be a digital form of the government backed money. It will not help bitcoin or any other altcoins to recover their market cap. Not particularly cheering news! |
|
|
|
Knowing the crypto world was the best thing I have ever done. Today I was given an amount of $20000 by my uncle to make an investment for him at the bank so that by the end of the year he can get some additional money added to his capital. I sat down and calculated and found out that, investing at the bank will give him just $2000 interest.
I then called him and explain to him about cryptocurrency and how secured it is with evidences and it price increment for last year. After seeing it he told me to invest that amount into BITCOIN and I have done it for him. I know that is volatile and can fluctuate but I made time to explain to him that although the market is red now but when the green days come he will get not less thank $25000 added to his capital. I know I did the right thing and he will surely laugh some days to come. What do you think guys?
All the best mate! I also need one uncle like yours who can give out 20k usd to me for investment. However, I really admire your guts to invest all in bitcoin. I wouldn't have done that for sure as I am a moderate risk taker. I would have invested 10k into banks and rest amount I would use for cryptos. Also I would diversify my crypto investment by investing in other altcoins as well. But yes, people have different risk taking capability so I sincerely hope you succeed! |
|
|
|
Am just scared if Whales decide to convert Bitcoin to Fiat. Will Tether keep printing more Tether to circulation?.
Market capitalization is a illustration of the strength of a currency. So I can't say it is 100% correct and may be misleading sometimes. Let me give you an example, Lets assume a coin named ABC has launched 1000 coins in the market. The coin is listed in an exchange and someone buys 1 coin with $5 price. The market cap of ABC coin will immediately become $5000 without the rest 999 coins hitting the market. Also to your question, there is no corelation between bitcoin conversion to tether printing. So chill! |
|
|
|
This isn't the worst theory imo, the biggest misconception is gambling isn't and will never be a source of entertainment. I did understand your theory and it might make sense but the problem with most people is they spend a lot on this so called entertainment. A movie ticket might cost maximum of 30$ but for many gamblers they want to turn 30$ to 3000$ which is why they get addicted easily
I can't completely disagree to what you said. However, a lot of people take gambling as a form of entertainment. Entertainment is subjective in nature. Hiring a hooker is also an entertainment to many. People spend money on that to get something in return that relaxes themselves. Similarly gambling relaxes a lot of people and they do it to get something in return. Probably you prefer to spend on movies to relax yourself. Some other people prefers gambling. Addiction here is completely self inflicted. |
|
|
|
With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO
With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.
Good List but you missed the main one, it is GREED! That is one factor which makes us poor while investing in cryptos. I know a lot of people who had bought bitcoin during late 2017 and proudly announced that move in facebook with a lot of hashtags. All of them are in loss today. SOme of them even used their credit card to purchase bitcoin hoping to make astronomical profit to cover the credit card interest fees and enjoy with the rest of the money. GREED is one factor that drives us towards unrealistic profit making businesses. If greed is the factor that drives your instinct, you are pretty much doomed before you even start. |
|
|
|
WHY DO I NEED I.D. AND PROOF OF ADDRESS TO BUY BITCOIN ??
tried to but bitcoin at several hubs/sites
they all asked for goverment issued id and proof of address
what gives ? i thought bitcoin was anonymous ?
any suggestions ?
Bitcoin is pseudo anonymous! However, governments have made such rules to provide ID details to ensure that these bitcoins are not used for illegal activities. But there are ways to avoid such incidents. Try platforms like localbitcoins or paxful. If you are not buying and selling a very high amount, no one will bother you for your ID proof. Avoid using centralized exchanges and try peer to peer exchanges to get what you need without having to provide any ID proof. |
|
|
|
i dont know why india is not legalizing the cryptocurrency ?
I think the reason is like others country. Government or central banks must be saying that bitcoin ban because it can use for any illegal activity etc etc. They should take and regulate bitcoin because it will helping many peoples Yes, that is one of the reasons as Banks are seeing crypto currencies as a direct competitor of their business. However, the main reason behind this ban is the over reserved mentality of Indian government. For every new thing related to money, they show a negative view at first and then slowly adopt it. The same thing will happen for bitcoin too. The way blockchain technology is progressing, no governments will be able to keep themselves blind for longer time. It has to be adopted to be prepared for the future. Also one funny explanation given by one of the senior officials of Indian government is that, the government is worried about the possible tax evasion. In a country of 1.3 billion people, the number of taxpayers are only 12.5 million. People are not paying taxes anyway. What change crypto will make in that scenario. It's laughable! The banking cartel is opposing it and government is listening to them. |
|
|
|
With the arrival of newbie to the forum, I consider it necessary to push them in the first place, to learning and self-development. Many coming to the forum think that making money on the crypto currency is very simple, you do not need any knowledge, skills. But this is not so! As with any other business here, one must learn, develop and be educated. After all, every year, the Crypto-currency increases its capitalization and more and more large companies and states accept it as a means of payment. Digital currencies are spreading wildly. They are not inferior to the functional financial system and even surpass it. Here there is a need for knowledge of the economic part. Therefore, I want to create a list of necessary literature for everyone, from beginners to already experienced users of this forum.
1. Daron Acemoglu and James Robinson. «Why Nations Fail»
2. Ha-Joon Chang. «Economics: The User’s Guide»
3. N. Gregory Mankiw. «Principles of Economics»
4. Robert Pindyck, Daniel Rubinfeld. «Microeconomics»
5. Olivier Blanchard. «Macroeconomics»
6. "Sheep in wolfskins", Walter Block
7. "Capital", Karl Marx
8. "Economics of everything", Alexander Auzan
I call everyone who knows what useful or cognitive materials, books or articles for self-development in the economy, write in the comments will add to the list. So we help each each other. At the moment I start reading the book "Capital", Karl Marx. In advance I express my gratitude to all who will not pass by and add their opinion or fill this list with material.
The literature you have mentioned is based on the traditional economy where Banks and governments play the major role. However, the world of economy is quickly changing. With the introduction of crypto currency in to the sector, has taken the game to another playing field. Soon these books need to be re-written or they will loose their significance. |
|
|
|
Bitcoin price abruptly jumped over $6800 (Bitfinex) during trading on Saturday, representing another attempt to break above $7,000 during the ongoing bear cycle.
There are a number of factors that could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a positive increase this past week.
To me I think what would have caused the price spike is the so-called crypto “whales” choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.
Kindly share your view on the sudden increase.
So you are basically pointing towards the demand supply chain behind the reasons for the bitcoin's price increase. That may be true! Probably the demand has increased and the price has also increased because of that reason. However, I must add that, bitcoin is still at a very nascent stage and such tiny price increase is nothing for bitcoin. I count such fluctuation as a part of the basic dynamics of bitcoin's price and nothing else. The demand is robust all around the world and we haven't received any significant bad news in last few weeks, which may have fueled the price. Bitcoin's price is not solely dependent on the demand it receives. There are several other factors which are hard to factor in. |
|
|
|
It's a good thing that these crypto exchanges are fighting back, imo. They have the right to operate their business within India. Bitcoin isn't even illegal. There is no reason for the central bank to demand all the commercial banks of India to cease support of all bitcoin transactions all of a sudden. 2. Court directed RBI to provide reasons for the Banking Ban within next 7 days. This will be an extremely interesting case to watch imo. If the court can stay unbiased and open minded, then there is a pretty good chance that we may see the regulation be repealed. However, I would still not be very optimistic at this stage. Crypto exchanges are extremely worried about their business and they are even considering to take their business outside the jurisdiction of India if the court case fails for them. At this point I sincerely wish if my country was a little less corrupted. Here the court runs as per the government's wish. With the current government busy in creating religious chaos, I expect very little from them. Especially when the court denied any interim injunction. We can only pray to GOD at this point. I don't see much hope left in this case, really! |
|
|
|
Do you think wechat money is better than bitcoin this is widely use in china and other countries around china, and do you think that wechat money ia the reason why they dont need bitcoin? I read an article that china are now closed to achieved the so called cashless country using this. See this video. https://m.youtube.com/watcht=4s&v=cj2Fh8aX148In our local language we have a metaphor to compare between extremely good to extremely bad, given below, কোথায় চাঁদ আর কোথায় পাদ !! I really don't know the English translation of it. But comparing Wechat money with bitcoin sounds similar to the above mentioned metaphor in my language. They don't even belong to the same league so comparing between two is a secondary matter. A centralized bank funded payment processor and a crypto currency has very little in common. I believe OP is lost somewhere in the middle! |
|
|
|
No one! The idea of cryptocurrency is based on free market decentralized economics. So cryptocurrency regulation is mainly an enforceable measure to ensure government taxes. Non regulated approach is the best regulation for this crypto economy. Japan has more structured approach towards the regulation. But the tax rate is exorbitant in Japan so it is not meeting the main objective of the cryptocurrency. |
|
|
|
|
Prediction is the core of bitcoin market. Without prediction, entire market is bound to fail. We invest in bitcoins because we believe that the value of bitcoin will be high in future. That's one kind of prediction.
Also majority of the crypto trades are based on short term predictions. If people stop predicting/speculating bitcoin's price, the market movement will be halted and the growth will be stopped. Bitcoin is largely a speculative asset. Without prediction, nothing will be achieved.
|
|
|
|
Why are the odds of joining Juventus so high - x2.0? I think Ronaldo has already agreed to join Juventus right? He hasn't signed yet but has given his word. Real are going to sell him and not stop the deal aren't they? Does anyone know what the transfer sum is and if there will be other players involved?
'Most likely' but that's not a sure thing. We haven't even seen PSG's bid yet.  Let's wait til they sell Mbappe or Neymar (maybe both). And the thing to watch here is Real's interest in acquiring Mbappe. So maybe PSG would be interested in the deal only if there's a cherry on top (Ronaldo).  Absolutely! The Juventus news is a FUD and nothing has been confirmed yet. However, the chance of Juventus seems really bright as of now. Even though PSG is in the queue but Juventus is almost finalized as per some well known sports magazine. But nothing will really come out until next week. But I believe a five time Ballon D'or winner deserves more payout than Naymar! |
|
|
|
btc has shown signal to rise in 7k position, within 48 hours btc will not lower its price, it's time to raise funds to buy btc
You keep watching. In the next 48 hours, BTC will decrease. trust me That may be true! Even though technical analysis doesn't hold much value in predicting bitcoin price, but before every leap, the price comes down. That's a general trend for bitcoin price since last many months. However, I don't see bitcoin price coming below 6k in any way. The upward momentum is there but it needs to strengthen its current position before taking the next jump. |
|
|
|
A post to ignore. Breaking down a Bitcoin into 100,000,000 Smaller units called a Satoshi. Later down the line whoever controls Bitcoin Core Dev "if" will have no choice but to break down a Satoshi into another 100,000,000 units called Nakamotos whenever the block rewards are no longer whole entire Bitcoins. And when the processing power of a cpu will forever mine Bitcoins as a unit of measure. The new name will most likely be known as a Nakamoto. Which is the newest smallest piece of a Bitcoin.
This is just a random post to ignore. But if anyone would like to comment or ask any questions on this feel free!
Technically it is possible to divide the satoshis in to smaller units. However, the network support is critical. As per the current value of bitcoin, there is no need of doing so. However, if the price of bitcoin reaches to probably a million dollars, such smaller units will have some value and then it will be easier to calculate. However, as per the current value, these smaller units are just bound to fail. |
|
|
|
|
Such kind of blame game was always there in Indian politics and this will gain momentum in near future because the general election date is closing. Also I see any reason for not believing such claims because the Rulling party is the most corrupted party of India. The opposition is also no less than them but the rulling party is another notch higher in corruption.
|
|
|
|
|
Show Posts
